"Prior to economic reforms initiated in 1991, Indias financial system was characterised by barriers to entry, control over pricing of financial assets, high transaction costs and restrictions on movement of funds from one market segment to another. Wide-ranging financial sector reforms were introduced as an integral part of the economic reforms programme started in early 1990s. Financial sector reforms during the last decade and a half have focused on (a) elimination of segmentation across various markets in order to facilitate transmission of impulses across markets, (b) easing the liquidity management process and (c) making resource allocation more efficient across the economy. The present book explains and examines the changes which have swept the Indian financial system over the last 15 years or so. "

Indian Financial System: Reforms, Policies and Prospects

Business & Money

Bhasin, Niti

Economics

New Century Publications

"In the wake of unprecedented external payment crisis of 1991, India has witnessed wide-ranging economic reforms encompassing various sectors of the economy. A critical ingredient of the reform process has been the gradual opening up of Indias external sector. The trade regime has been significantly liberalised with the abolition of quantitative restrictions and reduction in tariff rates. Non-debt creating flows are being encouraged. Against this backdrop and in recognition of the growing importance of the external sector in driving the economy, this book is focused on the developments of Indias external sector since 1991. It examines developments in the following segments of Indias external sector: foreign trade, export-import policy, tariff policy, current account management, capital account dynamics, foreign exchange reserves, exchange rate policies, external debt and aid, foreign direct investment and foreign portfolio investment."

External Sector Reforms in India - 1991-2005

The banking system of India consists of the central bank (Reserve Bank of India), commercial banks, co-operative banks, and development banks (development finance institutions). These institutions, which provide a meeting ground for savers and investors, form the core of India's financial sector. This book explains and examines the changes which have swept the Indian banking sector over the last 60 years since Independence.

Banking Developments in India, 1947 to 2007: Growth, Reforms and Outlook

Finance is the life blood of a modern economy. A financial system helps to mobilize the financial surpluses of an economy and transfers them to areas of financial deficit. It is the linchpin of any development strategy. Soon after independence in 1947, the government of India followed a policy of social control of important financial institutions. This was reflected, through the years, in the nationalization of the Reserve Bank of India (RBI), the takeover of the then Imperial Bank of India (rechristened as State Bank of India), creation of the Life Insurance Corporation of India (LIC), further nationalization of major commercial banks and general insurance companies, and the setting up of the General Insurance Corporation (GIC). As a result of state domination, India's financial system was characterized by barriers to entry, control over pricing of financial assets, high transaction costs, and restrictions on movement of funds from one market segment to another. It was in this backdrop that wide-ranging financial sector reforms were introduced as an integral part of the economic reforms program started in early 1990s. These reforms have paved the way for integration among various segments of the financial system. It is widely accepted that reduction/removal of financial repression has enhanced the efficiency and potential growth of the Indian economy. This book explains and examines at length the changes which have swept India's financial sector over the last 60 years since independence, with focus on post-1991 period.

Banking and Financial Markets in India 1947 to 2007

Money, banking, and finance are the nerve center of an economy. They cover the whole gamut of legal and institutional arrangements, financial intermediaries, financial markets, and instruments with both domestic and external dimensions. This book explains and examines the changes which have swept India's monetary, banking, and financial sectors since independence in 1947, with a focus on the post-1991 period. Part I deals with money, monetary policy, globalization, and the changing functions of central banks worldwide. It also focuses on the Reserve Bank of India (RBI) and its monetary and credit policies, particularly in the context of price stability and flow of credit to priority sectors of the economy. Part II traces the evolution and the present status of various financial intermediaries in India. The areas covered include commercial banks, co-operative banks, development finance institutions, non-banking financial companies, and mutual funds. Part III begins with the role of the financial system in economic development. It traces the evolution of India's financial system since independence, explains its present structure, and provides glimpses of its future development. Furthermore, it gives an account of the various components of financial markets in India - money market, government securities market, capital market, insurance market, and foreign exchange market - and explains recent measures to make them globally competitive. Part IV focuses on the global meltdown and its impact on India. Policy measures taken by the government of India, the RBI , and the Securities and Exchange Board of India are also highlighted. Additionally, the book contains appendices summarizing monetary policy statements of the RBI, an annual review of money and prices in India from 1947-48 to 2008-09, an annual review of banking and financial developments in India from 1947-48 to 2008-09, and a glossary of financial terms.

Monetary, Banking and Financial Developments in India: 1947-48 to 2009-10

This book examines the changes which have swept India's financial sector since the country's independence in 1947, with a focus on the post-1991 period. Divided into four thematic sections, the book includes the following: Part I (the history, the reforms, and the regulation of the financial sector in India) * Part II (the functioning of various types of financial institutions: urban and rural banks, cooperative credit institutions, development finance institutions, non-banking financial companies, mutual funds, pension funds, and insurance organizations) * Part III (financial markets in India, with a focus on the reforms measures introduced into the money market, the government securities market, the capital market, the corporate debt market and foreign exchange market) * Part IV (financial instruments, particularly the emergence of derivative instruments in India).

Indian Financial System: Evolution and Present Structure

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